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Former President Donald Trump’s business took in $2.4 billion in revenue during his four years in office, according to a report from Forbes.
And Trump’s business empire would have raked in even more if it weren’t for the pandemic. During the first three years of his presidency, Trump’s business made about $650 million annually. In 2020, as the pandemic ravaged the hotel industry, revenue dropped to an estimated $450 million, Forbes reports.
Trump famously refused to divest from his businesses as he took office, an unprecedented move for a U.S. president. Trump maintained ownership of his business operations throughout his single term, though he said he had handed control to his two sons. Though the arrangement was legal, government watchdogs said it did not go far enough.
“I could actually run my business and run government at the same time,” Trump said at the time. “I don’t like the way that looks, but I would be able to do that if I wanted to.”
A majority of the revenue over those four years came through Trump’s clubs and golf properties, which brought in a total of $940 million. Mar-a-Lago, the private club in Florida that he at times called his “Winter White House,” brought in roughly $90 million.
The former president’s use of his own properties during his time in office was highly controversial. In 2020, the Washington Post reported that the U.S. government had paid Trump’s business at least $2.5 million during Trump’s visits to his own properties, including for room and meal costs billed to the Secret Service.
Aside from weekend and holiday trips, Trump used Mar-a-Lago as a sort of Camp David alternative, hosting summits and foreign dignitaries — including Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe — at the Palm Beach, Fla., club.
The Margin (February 2017): How Mar-a-Lago could have fallen into Trump’s hands even if he hadn’t bought it in 1985
Eyebrows were raised when foreign governments and entities seeking business with or regulatory clearance from the U.S. government appeared to be exhibiting a preference for lodging at the Trump hotel in Washington, D.C., over their many local alternatives.
From the archives (January 2019): Ethics watchdog wants to know why national-park facility at Trump hotel in Washington is open during government shutdown
Trump’s commercial real estate holdings also helped to bolster the bottom line, as tenants locked into long-term contracts continued to pay rent throughout the pandemic.
The hotel, licensing and management business was not as fortunate during the pandemic. Estimated revenues stayed around $100 million from 2017 to 2019, but dropped closer to $50 million in 2020.
The debt load across Trump’s business empire is estimated to be more than $1 billion.
But it should be noted that throughout his four years in office, Trump’s net worth fell considerably. In 2016, the year of his election, Forbes estimated the businessman to be worth $3.7 billion. The current estimate: $2.4 billion.
From the archives (April 2020): Trump defends decision to furlough hundreds of Mar-a-Lago employees
